Endo neurology news
Endo said it will reduce headcount by about 15% worldwide as part of a plan to reduce annual operating expenses by $325 million by mid-2014. At Feb. 20, the company had 4,629 employees, which would make a 15% cut about 700 positions. The company said it will focus on generics unit Qualitest, branded pharmaceuticals unit Endo Pharmaceuticals and pelvic health unit American Medical Systems and R&D projects with near-term revenue potential. The company will seek strategic alternatives for its HealthTronics urology unit and its branded pharmaceutical early stage discovery platform. The company could not be reached for details.
Endo lowered its 2013 financial guidance and now expects full-year revenue of $2.65-$2.8 billion and non-GAAP EPS of $4.10-$4.40. The company previously expected revenues of $2.8-$2.95 billion and EPS guidance of $4.40-$4.70. The company reported 2012 revenues of $3 billion and non-GAAP EPS of $5.02. At March 31, the company had $340.5 million in cash. ...